Erin Burnett suggested a merger of GM with Ford or Chrysler as a possibility since such a move would streamline the companies and there’d be no anti-trust concerns from Washington.

Cramer urged investors looking for a play here to remember that “the issue again is the common stock," he said. "That's not the right instrument to be able to be involved in these."

"If I were in my hedge fund business, I would be selling the common stock, or at least trying to set it up for when the preferred piece is issued,” Cramer continued. “Maybe if I really like GM, buy that then."

Lastly, Cramer reiterated his call on Research in Motion despite the stock’s tumble following 1Q earnings Thursday.